Major Mining Investment
Minerals 260 Secures Massive Investment and Expands Gold and Uranium Resources
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Key Points
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Moab Minerals expanded its Manyoni position through four adjacent uranium tenements transferred to its Tanzanian subsidiary, extending the palaeochannel system associated with uranium mineralisation.
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Moab ended a proposed acquisition in Zambia earlier in 2026 and refocused management attention on Manyoni; it also retains interests in the Highline Copper-Cobalt Project in Nevada and in CAA Mining’s lithium and gold exploration activities in Ghana.
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Minerals 260 has opened a share purchase plan targeting AUD 30 million, with results expected by late October, as part of its broader equity, royalty and debt funding strategy.
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Minerals 260’s tenure package has grown from about 130 square kilometres to 1,500 square kilometres through 10 to 12 transactions, and the company says its current landholding is sufficient for future growth without immediate further acquisitions.
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Minerals 260 said roughly 80 to 90 people were working on site on construction, exploration and water-drilling activities, while exploration continued on targets north of Dixon, south of Kraken and between Kraken and Gibraltar.
Minerals 260 has secured a A$420 million investment from Franco-Nevada to fund its flagship Bullabulling gold project in Australia, marking a major step toward production in late 2028. The company raised A$250 million separately and plans to make a final investment decision in the first quarter of next year, according to Intelligent Investor.
The gold resource at Bullabulling has expanded to 6.2 million ounces as Minerals 260 develops site infrastructure including water bores and a worker village. The company is also advancing its Manyoni Uranium Project in Tanzania, which holds 27.19 million pounds of U3O8 and is moving forward with metallurgical studies and drilling plans.Intelligent Investor
Franco-Nevada Deal Accelerates Production Timeline
Franco-Nevada's A$420 million commitment provides critical funding for Minerals 260 to advance toward commercial gold production. Combined with A$250 million raised separately, the company now has the capital needed to push past a final investment decision in Q1 2026. Production at Bullabulling is targeted for late 2028, according to Intelligent Investor.
Bullabulling Resource Grows to 6.2 Million Ounces
Minerals 260 expanded the gold resource at its core Bullabulling project, now standing at 6.2 million ounces. The company is building essential site infrastructure ahead of production, including water bores and an on-site worker village to support construction and mining operations, as reported by Intelligent Investor.
Manyoni Uranium Project Advances in Tanzania
Moab Minerals, backed by Minerals 260, is focusing on the Manyoni Uranium Project in Tanzania with a resource of 27.19 million pounds of U3O8. The company added four adjacent uranium tenements and is pushing forward with metallurgical studies and potential drilling to expand the palaeochannel system where uranium mineralisation occurs, Intelligent Investor reports.
Land Package Grows to 1,500 Square Kilometres
Minerals 260 expanded its tenure from about 130 square kilometres to 1,500 square kilometres through 10 to 12 transactions, giving the company ample room for future growth without immediate additional acquisitions. Roughly 80 to 90 people are working on site on construction, exploration, and water-drilling activities across multiple regional targets, according to Intelligent Investor.
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